Got a beef with your bank? Ottawa wants to hear it.

[MortgageQueen]

The federal government is kicking off a public consultation process aimed at creating a new financial consumer code.

The government is looking at virtually every aspect of financial regulation that touches consumers, minister of state for finance Kevin Sorenson told a press conference in Ottawa Tuesday.

“With the launch of the Consumer Code consultations and new regulations for prepaid cards, Canadians will be better protected, informed and positioned to make responsible financial decisions for their families,” Sorenson said in a statement.

Consumers are invited to email their comments to [email protected] , according to background papers published on the finance department website.


“If you’ve had a problem with the banks, now is the time to let them now. Let it fly,” said John Lawford, executive director of the Public Interest Advocacy Centre in Ottawa.

First announced in the 2013 federal budget, the code aims to streamline the existing mix of legislation and financial regulations affecting all Canadians, especially seniors and other vulnerable groups, the government said in a statement.

The process will be conducted in two stages, Sorenson said. The public comment period will end Feb. 28


http://www.thestar.com/business/pers...l_worries.html

[walkonby]

thanks for posting MortgageQueen, once we changed to the no fee banks things seem better for us. I do hope people voice their complaints though.

[mandolinatou]

Oh I am telling on banque laurentienne for sure! I would like to see a clearly written form that lists when you sign for a mortgage..every expense that the bank will require when signing for the home with the notary...which includes every tax, every fee and every insurance expense the bank issues. I don't think that is unreasonable and I am sure that I was mislead on purpose. How can they throw expenses never before mentioned when you sign. Well its a giant cash grab when you buy a house. They required a builders default insurance....to the tune of 500 dollars...we heard nothing about prior to signing. I still have never heard of anyone else ever getting builders default insurance when a bulding was complete. Additionally they wanted 700 dollars for taxes on money they made up...by tacking it on to the back of our mortgage. 1200 dollars didn't kill us but we had notary fees, welcome taxes, city taxes, two other insurances we expected to pay at that time. So 1200 dollar surprise more than angered me. Stay away from Banque Laurentienne! Thanks for letting us know. They screwed the wrong Canadian indeed.

[MortgageQueen]

Have you tried complaining to the higher ups? Did you go over your original mortgage document you signed to see if they disclosed those fees (even if they didn't put a dollar figure to it)
As mortgage brokers, we have a very simple sheet that explains the fees associated to the mortgage. . including all that you mentioned, because we go through the document for you, prior to you signing it. If we didn't disclose All major fees (or estimates of) we could lose our license. The bank IS required to disclose any of "it's" fees prior to you signing docs.

You absolutely should send your comments to above gov't agency. That's EXACTLY what they need to hear.

As for your issue, hear is the info you need to process your complaints. You may very well get your money back. . .

Step 1:
Start by contacting your branch manager or the Laurentian Bank Telebanking
Services:
Telephone: 514-522-1846 or 1-800-252-1846
Email: www.laurentianbbank.ca under the "Contact us" section.
Not satisfied with the way things turned out?
Step 2:
If you are dissatisfied with the response, contact the Laurentian Bank Customer Inquiries department:
Customer Inquiries
Laurentian Bank
555 Chabanel Street West, 5th floor,
Montreal, Quebec H2N 2H8
Telephone: 514-284-3987 or toll-free 1-877-803-3731
Fax: 514-284-3988
Email: [email protected]
Generally, we are committed to returning your call within 48 business hours to discuss the matter with you. Subsequently, the person in charge of your file at and will take all necessary measures to try to resolve the problem as quickly as possible.
If the issue involves mutual funds or financial planning, you may contact LBC Financial Services at:
425, Maisonneuve W. blvd
Suite 040
Montreal (Quebec) H3A 3G5
Telephone.: 1 888 427-3971 (toll free) • 514 284-3971 (option 2)
Fax.: 514 284-6982
Email : [email protected]
Step 3:
If the issue still has not been resolved to your satisfaction after the second step, contact the Laurentian Bank Ombudsman's Office, preferably in writing, using one of the following means of communication:
Ombudsman's Office
Laurentian Bank
1981 McGill College Avenue, 14th floor
Montreal, Quebec H3A 3K3
Telephone: 514-284-7192 or toll-free 1-800-479-1244
Fax: 514-284-7194 or toll-free 1-800-473-4790
Email: [email protected]
Step 4:
Ultimately, you can contact the Ombudsman for Banking Services and
Investments using one of the following means of communication:
401 Bay Street, Suite 1505
P.O. Box 5, Toronto
Ontario M5H 2Y4
Telephone: 416-287-2877 or toll-free 1-888-451-4519
Fax: 416-225-4722 or toll-free 1-888-422-2865
Email: [email protected]

You can also contact the Financial Consumer Agency of Canada (FCAC) using
one of the following means of communication:
427 Laurier Avenue West, 6th floor
Ottawa, Ontario K1R 1B9
Telephone: 613-996-5454 or toll-free 1-866-461-2232
Fax: 613-941-1436 or toll-free 1-866-814-2224
Website: www.fcac-acfc.gc.ca
Other avenues